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I don't mentally associate the existing favicon with MMORPG.com's over all theme. The colors seem inverse. Also it does not appear in my browser on all pages. Of course I wouldn't rock a boat with out helping to bail out water, so I made these up in gimp (16x16 in .png format):
It's basically the logo that appears on the forums, with some filter effects work and scaling done on it, so that it stands out at favicon size.